|
|
MC: The abbreviation for marginal cost, which is the change in total cost (or total variable cost) resulting from a change in the quantity of output produced by a firm in the short run. Marginal cost indicates how much total cost changes for a give change in the quantity of output. Because changes in total cost are matched by changes in total variable cost in the short run (remember total fixed cost is fixed), marginal cost is the change in either total cost or total variable cost. Marginal cost is found by dividing the change in total cost (or total variable cost) by the change in output.
Visit the GLOSS*arama
|
|
|
|
|
PRODUCT LIFE CYCLE The different stages that a product traverses over the course of its life from initial availability (birth) to eventual unavailability (death). The key stages are development, introduction, growth, maturity, saturation, and decline. The product life cycle, represented by an S-shaped curve, is an adaptation of the biological life cycle and is common to the study of marketing. It is also important in the analysis of innovation and economic instability. In addition to biological growth, comparable S-shaped life cycles are found in short-run production of a firm, the growth of a person's income, the acquisition of knowledge, and the development of a civilization.
Complete Entry | Visit the WEB*pedia |
|
|
|
John Maynard Keynes was born the same year Karl Marx died.
|
|
|
"There's a very positive relationship between people's ability to accomplish any task and the time they're willing to spend on it." -- Dr. Joyce Brothers
|
|
WE
Walrasian Equilibrium
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|
|
